New York Securities Lawyer BlogGregory Buchholz, a Connecticut broker employed by Raymond James Financial Services Inc. (“Raymond James”) was recently fired after the firm learned that Gregory Buchholz was being investigated by the Securities and Exchange Commission (“SEC”) and local authorities for misappropriating clients’ funds. In response to the SEC’s inquiry, Lax & Neville, LLP is investigating this matter on behalf of potential victims of the alleged fraud perpetrated by both Gregory Buchholz and Raymond James. If you are a victim of this misconduct or a current customer of Gregory Buchholz, please do not hesitate to contact Lax & Neville, LLP for a free consultation.
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Clawback Actions
Victims of the Michael Goldberg Ponzi Scheme are facing clawback actions from the Trustee appointed in that mater. On November 22, 2009, Michael Goldberg was arrested for running a scheme to defraud investors of more than $20 million over a 12 year period. According to court documents, Goldberg ran the fraudulent investment business, Acquisitions Unlimited Group, from his former Wethersfield home. Goldberg told prospective investors that he and his company were liquidating assets held by JP Morgan Chase.
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SEC Reviewing Principal Protected Note Sales
The U.S. Securities and Exchange Commission is currently reviewing how several financial firms marketed principal protected notes to investors. Specifically, the SEC’s Division of Corporate Finance is evaluating how companies describe the products’ risks and whether it is misleading to call these structured notes “principal protected,” which implies these notes are guaranteed not to decline in value. This review takes place after investors claimed they lost more than $1 billion in principal protected notes issued by Lehman Brothers Holdings. Inc. Findings made by the Division of Corporate Finance will potentially be referred to the SEC’s enforcement division, which investigates fraud.